Focused Value Opportunities Fund (A)
ShareClass

The Fund

Offers more concentrated exposure to a portfolio of companies Fund managers deem undervalued. Guided by a wealth of experience, managers pursue the cornerstones of the Fund's approach — deep fundamental research and risk awareness.

The Features

Investors have access to a Fund that emphasizes our managers' highest-confidence value ideas. A conviction-weighted portfolio of 25-45 common stocks amplifies the impact (positive or negative) of stock selection decisions on performance, yet provides man agers the flexibility to maintain broad issuer and industry diversification.

Overview

Growth of $10,000

Since Fund inception as of 12/31/14

Class A at NAV

Average Annual Returns (%)
as of Dec 31, 2014

1 Month

3 Months

YTD

1 Year

3 Years

5 Years

Life of Fund

02/28/2015

as of Feb 28, 2015

Fund at NAV

4.11

2.83

2.55

11.53

17.29

—

12.90

Fund w/Max Sales Charge

-1.90

-3.10

-3.34

5.14

14.98

—

11.23

Russell 1000 Value Index1

4.84

1.27

0.65

13.49

18.11

15.51

14.35

12/31/2014

as of Dec 31, 2014

Fund at NAV

0.27

1.84

9.94

9.94

19.54

—

12.73

Fund w/Max Sales Charge

-5.52

-4.00

3.65

3.65

17.20

—

11.00

Russell 1000 Value Index1

0.61

4.98

13.45

13.45

20.87

15.42

14.81

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market vola tility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offe red by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 5.75%.

Portfolio Management

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Russell 1000 Value Index is an unmanaged index of U.S. large-cap value stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible t o invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net expense ratio reflects a contractual expense reimbursement that continues through 6/30/15. Without the reimbursement, if applicable, performance would have been lower.
4. Percent of total net assets.
5. Top 10 Holdings excludes cash and equivalents.

Performance

Average Annual Returns (%)
as of Dec 31, 2014

1 Month

3 Months

YTD

1 Year

3 Years

5 Years

Life of Fund

01/31/2015

as of Jan 31, 2015

Fund at NAV

-1.49

-0.15

-1.49

12.24

17.22

—

12.01

Fund w/Max Sales Charge

-7.16

-5.91

-7.16

5.83

14.95

—

10.32

Russell 1000 Value Index1

-4.00

-1.43

-4.00

12.93

17.77

15.13

13.28

Morningstar™ Large Value Category6

-3.56

-1.67

-3.56

10.22

15.31

13.27

—

12/31/2014

as of Dec 31, 2014

Fund at NAV

0.27

1.84

9.94

9.94

19.54

—

12.73

Fund w/Max Sales Charge

-5.52

-4.00

3.65

3.65

17.20

—

11.00

Russell 1000 Value Index1

0.61

4.98

13.45

13.45

20.87

15.42

14.81

Morningstar™ Large Value Category6

-0.04

3.59

10.21

10.21

18.33

13.45

—

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market vola tility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offe red by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Fund at NAV

—

—

—

—

—

—

—

17.62

32.17

9.94

Russell 1000 Value Index1

7.05

22.25

-0.17

-36.85

19.69

15.51

0.39

17.51

32.53

13.45

Fund Facts

Expense Ratio (Gross)2

1.70%

Expense Ratio (Net)2,3

1.05%

Class A Inception

03/07/2011

Distribution Frequency

Annually

Risk Measures (3 Year)7as of Feb 28, 2015

Alpha (%)

0.84

Beta

0.91

R-Squared (%)

88.77

Standard Deviation (%)

9.52

Sharpe Ratio

1.81

Morningstar™ Ratings
as of Jan 31, 2015

Time Period

Rating

Rating (Load Waived)

Funds in Large ValueCategory

Overall

1107

3 Years

1107

Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

Distribution History8

No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus

Capital Gain History8

Ex-Date

Short-Term

Long-Term

Reinvest NAV

Dec 11, 2014

$0.18100

$0.57780

$13.89

Sep 09, 2014

$0.03530

$0.06430

$14.79

Dec 12, 2013

$0.03140

$0.23870

$13.18

No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years. Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Russell 1000 Value Index is an unmanaged index of U.S. large-cap value stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible t o invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net expense ratio reflects a contractual expense reimbursement that continues through 6/30/15. Without the reimbursement, if applicable, performance would have been lower.
6. The Morningstar™ Large Value Category includes funds that invest primarily in U.S. large-cap companies with value characteristics such as low price ratios and high dividend yields.
7. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
8. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Russell 1000 Value Index is an unmanaged index of U.S. large-cap value stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible t o invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
4. Percent of total net assets.
9. A delay in transaction settlement may result in a negative cash position.
10. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject t o change due to active management.

Insights & Analysis

Quarterly Commentary

No commentary information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Management

Biography

John D. Crowley

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

John Crowley is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s value team. In addition, he serves as lead portfolio manager of Eaton Vance’s focused value strategy. He is responsible for buy and sell decisio ns, portfolio construction and risk management for the firm’s value equity strategies. He is a member of the firm’s Equity Strategy Committee. He began his career in the investment management industry with Eaton Vance in 1998.

John earned a B.A. and an M.A. from The Catholic University of America and an MBA from Babson College. He is a member of the CFA Institute and the Boston Security Analysts Society.

Education

B.A.,M.A. Catholic University of America

M.B.A. F.W. Olin Graduate School of Business, Babson College

Experience

Managed Fund since inception

Other funds managed

Biography

Eddie Perkin is a vice president of Eaton Vance Management, chief equity investment officer and team leader of Eaton Vance’s value team. Additionally, he serves as lead portfolio manager of Eaton Vance’s Large-Cap Value strategy. He is respon sible for buy and sell decisions, portfolio construction and risk management for the firm’s large-cap value equity portfolios. He is head of the firm’s Equity Strategy Committee. He joined Eaton Vance in April 2014.

Eddie began his career in the investment management industry in 1995. Before joining Eaton Vance, he served as chief investment officer (international and emerging-market equity) as well as managing director/portfolio manager (Europe, EAFE and global) at Goldman Sachs Asset Management (GSAM) in London. Before relocating to London in 2008, Eddie was a portfolio manager and analyst on GSAM’s U.S. value equity team in New York. Eddie was previously associated with FISERV and American Retirement Insur ance Services.

Eddie earned a B.A. from the University of California, Santa Barbara, and an MBA from Columbia Business School. He is a CFA charterholder.

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Before investing in any Eaton Vance fund, prospective investors should consider carefully the fund's investment objective(s), risks, and charges and expenses. For open-end mutual funds, the fund's current prospectus contains this and other information about the fund. To obtain a mutual fund prospectus or summary prospectus and the most recent annual and semiannual shareholder reports, contact your financial advisor or download a copy here. Read the prospectus carefully before you invest or send money. For closed-end funds, you should contact your financial advisor. To obtain the most recent annual and semi-annual shareholder report for a closed-end fund contact your financial advisor or download a copy here. Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.

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